This article proposes a new panel unit root test based on the generalized method of moments approach for panels with a possibly small number of time periods, T, and a large number of cross-sectional units, N. In the model that we consider the deterministic trend function is essentially unrestricted and the errors obey a multifactor structure that allows for rich forms of unobserved heterogeneity.

Hjalmarsson (2010) considers an OLS-based estimator of predictive panel regressions that is argued to be mixed normal under very general conditions. In a recent paper, Westerlund et al. (2016) show that while consistent, the estimator is generally not mixed normal, which invalidates standard normal and chi-squared inference. The purpose of the present paper is to study the consequences of this the

The difficulty of predicting returns has recently motivated researchers to start looking for tests that are either more powerful or robust to more features of the data. Unfortunately, the way that these tests work typically involves trading robustness for power or vice versa. The current paper takes this as its starting point to develop a new panel-based approach to predictability that is both rob

n order to protect their food from competitors, ball-rolling dung beetles detach a piece of dung from a pile, shape it into a ball, and roll it away along a straight path [1]. They appear to rely exclusively on celestial compass cues to maintain their bearing [2, 3, 4, 5, 6, 7 and 8], but the mechanism that enables them to use these cues for orientation remains unknown. Here, we describe the orien

The research in this article examines audience responses to a range of factual and reality genres. It takes as a starting point that television audiences do not experience news or documentary or reality TV in isolation but as part of a range of factual and reality programmes. Factual and reality programming includes a broad understanding of non-fictional programming on broadcast television, satell

In this article, the author focuses on Big Brother in relation to audience attraction. I outline the context of factual entertainment and its audience, and the specific experience of watching Big Brother. Seen in relation to factual entertainment as a whole, Big Brother is one of the least popular examples of “documentary as diversion.” Seen in relation to gamedocs, Big Brother is one of the most

This article examines the conceptual framework of the social amplification of risk in relation to the social sciences framework of moral panic and the media violence debate in Britain. The paper will explore the symbolic use of 'risk' in relation to the alleged negative effects of media violence, and analyse the key stages in the social amplification of the physical and moral risks of media violen